Consumer Staples, Consumer Discretionary Aug 30, 2021 08:31 AM (GMT+8) · EqualOcean
Financial Associated Press, August 30 - CICC believes that the recent rotation of commodity prices presents three characteristics: first, the weakening of "Chinese demand" support, second, the decline of "overseas supply" risk, and third, the easing of supply-demand mismatch. Since August, the global variant epidemic has been repeated, the overseas economic recovery is expected to be delayed, and domestic production activities have also been affected to a certain extent. The characteristics of "long tail exit" of the impact of the epidemic on demand appear. Looking ahead, the price rotation in the commodity market will continue to be anchored by supply and demand, and the echelon rotation will tend to converge. Maintain the view of dual k-driven supply and demand and binary price distribution in the semi annual report. Combined with the new changes in the current market, the third echelon dominated by oil products may still benefit from the improvement of overseas demand. The first and second echelons have completed the process of building the top and will tend to fall down with the slowdown of domestic demand. Among them, the varieties with tight fundamentals, such as copper, aluminum and coal, may still lead the rise of bulk commodities.
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